Oilfield Services

Liberty Sees Slowly Improving Fracture Market, E&Ps More ‘Comfortable’ with OFS Price Hikes

Liberty Sees Slowly Improving Fracture Market, E&Ps More ‘Comfortable’ with OFS Price Hikes

Denver-based Liberty Oilfield Services Inc. is reporting a “slowly improving market” in the Lower 48 for pressure pumping services, with customer conversations becoming more constructive, CEO Chris Wright said Wednesday. Speaking during the 1Q2021 conference call, Wright noted that the oilfield services (OFS) operator has doubled the size of its platform since the start of…

April 29, 2021
Latin American Outlook Improving for Oil and Natural Gas Activity, Say OFS Giants

Latin American Outlook Improving for Oil and Natural Gas Activity, Say OFS Giants

The outlook for oil and gas exploration and production (E&P) in Latin America is improving as demand and prices strengthen, according to the first quarter earnings reports by the top three oilfield services (OFS) titans. Schlumberger Ltd, Halliburton Co. and Baker Hughes Co. each reported sequential revenue increases from the region, with management teams forecasting…

April 26, 2021
Schlumberger’s North American Land Activity Accelerates, with Momentum Building Overseas

Schlumberger’s North American Land Activity Accelerates, with Momentum Building Overseas

Schlumberger Ltd.’s management team on Friday said it returned to form in the first quarter, with the expectation global oil and natural gas activity could return to pre-pandemic levels by 2022. CEO Olivier Le Peuch held court during a conference call from Houston, where he shared an optimistic vision for the world’s No. 1 oilfield…

April 23, 2021
Led by Texas, Eight E&Ps, Five OFS Operators Sought Chapter 11 in 1Q

Led by Texas, Eight E&Ps, Five OFS Operators Sought Chapter 11 in 1Q

Eight of North America’s oil and gas producers filed for bankruptcy during the first three months of this year, the highest quarterly total since 2016, according to Haynes and Boone LLC. The law firm, which has monitored North American producer Chapter 11 filings since 2015, on Thursday issued its latest report covering 1Q2021. It also…

April 16, 2021
Oil, Gas Activity Improving Dramatically in Permian and Beyond, Says Dallas Fed

Oil, Gas Activity Improving Dramatically in Permian and Beyond, Says Dallas Fed

Oil and natural gas activity sharply expanded during the first three months of the year in Texas, New Mexico and Louisiana, according to a survey by the Federal Reserve Bank of Dallas. Every quarter the Dallas Fed, as it is better known, surveys executives of exploration and production (E&P) firms and oilfield services (OFS) companies…

March 25, 2021
Upwing Achieves Certification as Carbon-Neutral Equipment Producer

Upwing Achieves Certification as Carbon-Neutral Equipment Producer

Upwing Energy Inc., which has provided artificial lift technology for the oil and gas industry since 2016, said it has been independently certified as a carbon neutral company under standards set by the British Standards Institution (BSI).  According to the Cerritos, CA-based oilfield services operator, Upwing’s certification can benefit exploration and production (E&P) companies through…

March 5, 2021
Permian Smacks Down ‘Snowvid’ as More Completion Crews Go to Work

Permian Smacks Down ‘Snowvid’ as More Completion Crews Go to Work

The active number of U.S. fracture spreads jumped nearly 15% month/month in February, driven by strength in the Permian Basin, even as “Snowvid” shut in wells and sent crews packing, according to Tudor, Pickering, Holt & Co. (TPH). Data compiled by TPH indicated that oilfield services (OFS) operators increased the number of crews working in…

March 4, 2021
H&P’s North American Rig Count Doubles in December from August Lows

H&P’s North American Rig Count Doubles in December from August Lows

Tulsa-based global drilling giant Helmerich & Payne Inc. (H&P) said its North American rig count climbed by one-third sequentially and at the end of December was twice the lows experienced last August. The oilfield services (OFS) driller, whose portfolio is defined by drilling innovations, ended December with 94 rigs in operation across North America. That…

February 11, 2021
U.S. Oilfield Workforce Climbs in January for Fifth Consecutive Month

U.S. Oilfield Workforce Climbs in January for Fifth Consecutive Month

Employment in the U.S. oilfield services (OFS) and equipment sector climbed for the fifth consecutive month in January, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce and Technology Council. “After shedding nearly 102,000 jobs from March to August due to pandemic-related demand destruction, the upstream oil…

February 9, 2021
Superior Energy Ready to Emerge Debt Free Following Restructuring

Superior Energy Ready to Emerge Debt Free Following Restructuring

Houston-based drilling expert Superior Energy Services is to emerge debt-free from bankruptcy after its plan of reorganization received court approval. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the reorganization plan, which allows Superior to convert into equity an estimated $1.3 billion in debt. “This confirmation order marks a key milestone in…

January 22, 2021
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